[§551E-6]  Termination of power of attorney or agent's authority.  (a)  A power of attorney terminates when:

     (1)  The principal dies;

     (2)  The principal becomes incapacitated, if the power of attorney is not durable;

     (3)  The principal revokes the power of attorney;

     (4)  The power of attorney provides that it terminates;

     (5)  The purpose of the power of attorney is accomplished; or

     (6)  The principal revokes the agent's authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.

     (b)  An agent's authority terminates when:

     (1)  The principal revokes the authority;

     (2)  The agent dies, becomes incapacitated, or resigns;

     (3)  An action is filed for the dissolution or annulment of the agent's marriage to the principal or their legal separation, unless the power of attorney otherwise provides; or

     (4)  The power of attorney terminates.

     (c)  Unless the power of attorney otherwise provides, an agent's authority is exercisable until the authority terminates under subsection (b), notwithstanding a lapse of time since the execution of the power of attorney.

     (d)  Termination of an agent's authority or of a power of attorney is not effective as to the agent or another person that, without actual knowledge of the termination, acts in good faith under the power of attorney.  An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal's successors in interest.

     (e)  Incapacity of the principal of a power of attorney that is not durable shall not revoke or terminate the power of attorney as to an agent or other person that, without actual knowledge of the incapacity, acts in good faith under the power of attorney.  An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal's successors in interest.

     (f)  The execution of a power of attorney shall not revoke a power of attorney previously executed by the principal unless the subsequent power of attorney provides that the previous power of attorney is revoked or that all other powers of attorney are revoked. [L 2014, c 22, pt of §1]